PREPAID EXPENSE AND OTHER ASSETS

12 Months Ended

Jan. 31, 2026

PREPAID EXPENSE AND OTHER ASSETS

PREPAID EXPENSE AND OTHER ASSETS

NOTE 4—PREPAID EXPENSE AND OTHER ASSETS

Prepaid expense and other current assets consisted of the following:

	JANUARY 31,		FEBRUARY 1,
	2026		2025
	(in thousands)
Value added tax (VAT) receivable	$	39,169	$	9,866
Prepaid expenses		30,355		29,595
Vendor deposits		26,230		20,441
Capitalized catalog costs		23,274		30,162
Federal and state tax receivable(1)		11,528		24,729
Capitalized cloud computing costs		11,344		9,851
Right of return asset for merchandise		6,423		6,237
Tenant allowance receivable		5,633		12,668
Promissory notes receivable, including interest(2)		1,164		3,674
Other current assets		29,354		30,620
Total prepaid expense and other current assets	$	184,474	$	177,843

(1) As of January 31, 2026 and February 1, 2025, includes $4.3 million and $19 million, respectively, related to a federal tax receivable from a carryback claim.

(2) Represents promissory notes, including principal and accrued interest, due from an affiliate of the managing member of the Aspen LLCs. Refer to Note 8—Variable Interest Entities.

Other non-current assets consisted of the following:

	JANUARY 31,		FEBRUARY 1,
	2026		2025
	(in thousands)
Landlord assets under construction—net of tenant allowances	$	156,252	$	138,701
Initial direct costs prior to lease commencement		81,066		80,897
Capitalized cloud computing costs—net		31,224		22,738
Other deposits		12,234		7,754
Deferred financing fees		3,377		1,512
Vendor deposits—non-current		3,336		2,684
Other non-current assets		14,344		17,100
Total other non-current assets	$	301,833	$	271,386